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Price of insurance to rise

11 January 2005

Insurance could become more expensive following the introduction of new regulations on Friday.

From then the FSA will take on responsibility for regulating the industry, and impose a number of changes.

Policies will be required to have a "key facts illustration" to aid consumer choice, and all insurance sales staff will have to be properly trained to ensure accountability.

Nick White, of price comparison service uSwitch.com, commented: “Even though insurance regulation is obviously a good thing, and will help consumers in the long run, the increased cost of such regulation does mean that insurance providers and brokers will look for ways to pass on the cost instead of eroding the profits they make.

"In many cases consumers will end up picking up the bill through increased premiums or 'arrangement' fees. Whilst the introduction of the 'Initial Disclosure Document' and 'statements of price' means that some of these costs will be visible it is of course virtually impossible to see what element of the premiums charged is due to the increased cost of regulation.”